Sino Land and Tsim Sha Tsui Properties have jointly announced that their project company, JVC1, successfully secured the acceptance of its bid from the Hong Kong Special Administrative Region Government on August 24, 2026, following a tender submission on July 3, 2026, with a land premium of HK$1.03 billion.

The JVCs are single-purpose project companies established specifically for this tender, with shareholding proportions of 17%, 17%, 17%, 15%, 17%, and 17% held by China Overseas, China Merchants Land, China Resources Land (Overseas), CTS Travel, JD.com, and Sino Land, respectively. Upon successful bid acceptance, these entities will acquire and develop the sites in accordance with the details and conditions of sale outlined in the tender.

The total capital commitment from the joint venture partners is expected to reach approximately HK$16.8 billion. Sino Land is projected to contribute around HK$2.856 billion, representing its 17% equity interest in the JVCs.

The sites in question comprise three residential/commercial plots located at HSK 18, HSK 20, and HSK 21, along with one E&TP (Education, Training, and Personnel) plot at HSK 19. The total site area measures approximately 36,200 square meters, with an allowable gross floor area of roughly 220,000 square meters across the sites.

These parcels will be developed into a comprehensive mixed-use project incorporating residential, non-residential, and E&TP components. The development is anticipated to enhance the group's overall property portfolio.